Used car sales set new records on Dealer Auction
Used car sales on Dealer Auction reached record levels in the first quarter of the year, with £156m in retail value and £4.1m in profits.
Dealer Auction sent out 13.2 million alerts from January to March, receiving 223,376 bids.
Average sales prices during the period were recorded at £7,684 – a new high – while average days to sell fell to just 2.74, the fastest rate recorded.
Meanwhile, stock profile continued to evolve the average vehicle age dropping to seven years and average mileage falling to 54,595 miles, both the lowest recorded, while new records were also set in demand for alternative fuelled vehicles with electric vehicles making up 2.56% of all sales and hybrids accounting for 9.81%.
Kieran TeeBoon, Dealer Auction marketplace director, said: “Quarter one set a strong tone for the year. Dealers stayed sharp, acted quickly and made the most of the opportunities in front of them. The strength of younger vehicles is particularly encouraging when we factor in the predicted shortage in five- and six-year-old cars this year, a lingering hangover from the pandemic.
“What we’re seeing is a market that rewards confidence and quick decision-making. With the right stock and the right data, dealers are able to move faster and secure stronger returns.”
